President Muhammadu Buhari on Friday said it was disgraceful that no Nigerian refinery currently performs up to 50 per cent capacity, according to a report by Punch.
Buhari noted that it was not the case during his tenure as a military Head of State as all the nation’s refineries were working then.
In a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, Buhari revealed this when he received a delegation from Eni, led by the Chief Upstream Officer, Mr. Antonio Vella, at the Presidential Villa, Abuja.
He said, “In my first coming, all our refineries were working. Port Harcourt used to refine 60,000 barrels per day, and it was later upgraded to 100,000 barrels.
“Now, no refinery is performing up to 50%. It is a disgraceful thing.”
Speaking on behalf of the delegation, Vella, said his organisation had presented a technical proposal to the Nigerian National Petroleum Corporation to rehabilitate the Port Harcourt refinery.
He said the firm had also done a feasibility study on a new refinery of up to 150,000 barrels per day capacity.
“There are other upstream initiatives, and a deep water project, with estimated expenditure of $13bn,” Vella disclosed.
The oil company also plans to double power generation capacity from its plant in Delta State from its present 500MW to 1,000MW, spending $750m in the process.